NEW DELHI, February 8: The BJP and Congress have made different interpretations of the swadeshi approach towards economic reforms with the latter calling for reinterpreting of this theory "to give them a contemporary meaning and relevance" and the former swearing to be guided by economic nationalism that seeks protection of Indian industry.The United Front, in its election manifesto, has preferred to maintain a balanced approach towards globalisation and liberalisation, keeping in view the objective of employment generation.
Saying that even after the initiation of the ambitious economic reforms programmes both by the Congress and the UF governments, the share of the foreign direct investment in national investment was less than two per cent. The BJP says national development will largely depend upon national effort and national capital and savings.
"Every nation advocates free trade in all global fora but in practice they compulsively resort to quotas, tariffs and anti-dumping measures to protecttheir national interests," says the BJP in its manifesto.
The Congress says those who have closed themselves to the world have stagnated.
Though the parties are speaking in different voices one thing that comes out loud and clear is the realisation that there is no going back on reforms per se.
The Left parties oppose what they call "the IMF-World Bank dictated model" under which the priorities for India's economic growth are determined not in the interest of the Indian people but for a narrow affluent section at home and the foreign capitalist.
"By these policies, 10 per cent of the population have enriched themselves at the expense of the remaining 90 per cent of the people," they state in their common manifesto.
The Left parties call for a different orientation for economic reforms and advocate an alternative set of policies.
The Congress says India has nothing to fear from the world and "we can stand up confidently and take on the world. Our businessmen, engineers, scientists, managers andworkers are second to none".
It says India must take full advantage of the opportunities offered by an "increasingly interdependent world economy" and that the country can be truly self-reliant when it is able to at least double its share of world trade over the next five years.
"Higher growth is possible only if we export more and import more and if our economy becomes internationally competitive," says the Congress manifesto.Janata Dal says India has accepted globalisation in-principle as part of its general policy of economic reforms. "Since globalisation involves both costs and benefits, it is imperative to minimise the costs of globalisation by continuing on self-reliance."
The BJP feels there is a "great" misconception about the role of the government in a liberalised regime. "There is an impression that the government retreats leaving the hidden land to the market to manage the economy."
The party says governments all over continue to actively manage and protect their economies, nationalindustry and employment.
"The paradox is that the greater the liberalisation, the more demanding is the involvement of the government to protect national industry and employment," says the BJP manifesto.
The party says India must move carefully and gradually towards integration with the global economy and even as it does so, it must act in a manner that suits its national interest.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
